Petroleum supplier BP has agreed to acquire Chargemaster, the UK-based operator of a network of electric vehicle (EV) charging points, for an undisclosed amount allowing automotive manufacturer BMW to exit.
Founded in 2008, Chargemaster designs, builds and installs EV chargers, and currently operates a 6,500-strong network of charging points across the UK spanning both public and in-home systems. It receives money through a mix of subscription and pay-as-you-go fees.
BP is making the acquisition to support the installation of charging points on its garage forecourts, allowing EVs to recharge alongside conventional vehicles that are buying fuel. Chargemaster will operate as an independent subsidiary of BP once the deal closes.
BMW invested an undisclosed amount in Chargemaster in 2013 through its BMW I Ventures unit. The company received $5.1m from growth equity firm Beringea the following year.
Tufan Erginbilgic, CEO of BP subsidiary BP Downstream, said: “At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles.
“Combining BP’s and Chargemaster’s complementary expertise, experience and assets is an important step towards offering fast and ultra-fast charging at BP sites across the UK and to BP becoming the leading provider of energy to low carbon vehicles, on the road or at home.”